Tuesday, November 28, 2006

Want to buy their properties? Think again!

Cova Villa, built next to an oxidation pond!

Meda Inc Bhd & sister companies are not only very bad paymasters but also lousy developers: More proof

You will be amazed at how many companies they are operating.

Usually, if a developer has built a good reputation in the market, they will continue using their proud name in all their projects. A recognisable name builds confidence in buyers and investors. This ensure that their projects are sold out quickly. A good name projects a good image and creates market support and goodwill. It's called branding.

Not for Meda Inc Bhd.

The three brothers Datuk Patrick Teoh, Teoh Seng Aun, and Kenneth Teoh Seng Kian are owners and shareholders in each others' companies. This way, they ensure their total control and power over all management decisions in all the three companies (Meda Inc Bhd, EcoFirst and SEGi). Not only three, but countless other subsidiary and private companies that they set up to handle projects within the Group.

My unhappiness is directed only at Meda Inc Bhd where Kenneth Teoh is the Group Managing Director. Summit Hotel Subang USJ is owned by Meda Inc Bhd, and managed by Kenneth Teoh's private company Summit Hotel Management, which recently changed name to Regalia Hospitality Management Sdn Bhd. (To hoodwink unsuspecting new suppliers?)

I do not see the need to conduct business under the disguise of 40 to 50 companies, unless it is all a sham to keep defrauding suppliers and contractors to "sponsor" and "finance" their projects and then run away without paying. Either the suppliers have to sue to get payment, which will incur a lot of legal costs, or die waiting, which means Meda Inc and their group of companies get to use products and services without paying.

Changing names to sell their projects and developments also clearly show they are aware their names stink in the market, both to buyers and suppliers.

Their latest project is at THE COVA/COVA VILLA, KOTA DAMANSARA. (See news here
http://star-space.com/news/story.asp?file=/2006/7/24/propertynews/14906615&sec=propertynews. It is developed and marketed under ANDAMAN GROUP SDN BHD. All those faces you see in the report are just "front men" doing the work for their masters in the background. Yet, the legal developer is a company called PHARMA EXCEL SDN BHD (see this link http://www.iproperty.com.my/property/development.asp?pid=798&nav=t Same address. Andaman Group Sdn Bhd is owned by SEGi, Meda Inc Bhd and EcoFirst Consolidated. There you are, all three brothers in there. Many people won't know. But maybe they do...

I came across this Malaysia Property forum, where you can read some comments from property buyers about Cova Villa and the developers. Go here: http://propertymalaysia.blogsome.com/2006/06/09/preview-cova-villa/#comments (see comments 11, 12, 13, 14, 16) and here http://propertymalaysia.blogsome.com/2006/07/02/cova-villa-kota-damansara/.

Every day, the Teoh brothers are devising new schemes and new companies to build, develop and market their projects under new companies, and unsuspecting buyers and suppliers are getting tricked into doing business with them. While some suppliers may get paid if their products and services are crritical, the rest of them will have to take legal action to recover their monies. Some of them may just fold up and MEDA INC BHD and their gang of companies will benefit - no need to pay. They never intended to pay anyway. They'll create all sorts of excuses to delay, to demand discount and to not pay.

And when you decide to sue them, you may only be suing a shell company with no assets or cash. The company may show a negative bottomline, and if you force them to liquidate, well, they'll just close it but you get nothing. The money is not in there anymore.

What are we dealing with here? A group of unscrupulous fraudsters and conmen masquerading as Bolehland's legal businessmen??

In my mirror blog, I have listed the companies that come under these 3 Teoh brothers. It's here: http://meda-inc-bhd.blogspot.com. It's not complete because I know they keep creating new companies all the time to avoid bankruptcy to their listed companies, while sucking in money from buyers and products and services from suppliers through their private ones. I will keep updating it as long as I receive new info from readers and friends.

2 comments:

Lagenda Blogger said...

Wendy, help you little bit.
Go to this site :
Search for "cova villa". Option "search for all term". You can get many people comment about this project. (unfortunately all are old post. This project is not "hot" now in that forum).
First of all, the Sri Utama in front of Cova Villa is not a college. It's a secondary school. I think that make big different in term of potential tenant.

I remember this project because it also offer the "Guarantee Return Scheme".

Nowaday this project making many advertisment on radio. I guest people may interested if you make a post on the forum to offer more detail from your site.
But which site? New or Old? You need to decide. Or wait until your new site completed.

By the way, I have a strange feeling that Dataran Mantin and Cova Villa have some how related.

Wendy W. said...

Hi Lagenda Blogger,

Thanks for your help.

Readers, the link is here -->

http://www.realestate.net.my/forum/search.php